According to a new study by Fact.MR, the MEMS sensor market will grow at a compound annual growth rate of 9% through 2027, reaching $50 billion. The study said rapid development in electrical and electronic systems, the trend toward smart wearable devices, smart homes and high growth in the automotive sector are driving the MEMS sensor market.
Demand for these devices is rising steadily with a corresponding decrease in average selling prices (ASPs) and increased benefits of MEMS devices, such as low cost, lower space utilization and higher precision, the study noted. In addition, MEMS sensors are small enough to be soldered directly onto circuit boards, reducing the technology's overall expense.
The study expects the medical & biotechnology segment to grow at a high growth rate of over 6% during the forecast period. High adoption of MEMS sensors for clinical monitoring applications, imaging applications and other diagnostic approaches are facilitating growth of this segment.
Geographically, Asia Pacific (APAC) accounts for roughly 35% of the MEMS market and is expected to grow at a CAGR of over 11%, as the region continues to benefit from major investments. North America accounts for the second largest share (over 20%) within the MEMS sensor market, benefitting from the presence of some of the major MEMS sensor manufacturing firms and MEMS foundries.
According to the study, the global MEMS sensor market is consolidated in nature with a few electronics and semiconductor multinationals such as STMicroelectronics, Robert Bosch GmbH, NXP Semiconductors N.V. and Texas Instruments Inc., acquiring top shares. In order to gain a stronger foothold in the MEMS sensors market, manufacturers are focusing on developing new products.